The IoT communication protocol market, in terms of value, is expected to grow from USD 11.44 billion in 2015 to USD 15.80 billion by 2022, at a CAGR of 4.7% between 2016 and 2022.
The IoT communication market is driven by factors such as increasing Internet connectivity worldwide, increasing demand for the smartphones and other connected devices, higher adoption of wireless sensors, and mainstreaming of cloud computing. The increasing government funding across globe for research and development in IoT and scope for innovative cross-domain application provide significant growth opportunities in the market.
The consumer electronics application is expected to hold the largest share of the IoT communication protocol market by 2022, whereas the building automation application is expected to witness highest growth between 2016 and 2022. The IoT communication market in consumer electronics segment is expected to hold significant share owing to the emergence of a number of smart appliances that can connect to the Internet and smartphones.
The growing concern for conservation of energy coupled with the rising cost of energy has led to the increase in the demand for energy-efficient buildings. Building automation helps to increase the energy efficiency of the building and it can also help to enhance the security and safety in buildings. This factor has led to the growth in demand for building automation.
NXP Semiconductors N.V.
Texas Instruments Inc.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 IoT Communication Protocol, By Connectivity Technology
8 IoT Communication Protocol Market, By End-Use Application